New Mexico 2025 Regular Session

New Mexico House Bill HB225 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	underscored material = new
2	2	[bracketed material] = delete
3	3	1
4	4	2
5	5	3
6	6	4
7	7	5
8	8	6
9	9	7
10	10	8
11	11	9
12	12	10
13	13	11
14	14	12
15	15	13
16	16	14
17	17	15
18	18	16
19	19	17
20	20	18
21	21	19
22	22	20
23	23	21
24	24	22
25	25	23
26	26	24
27	27	25
28	28	HOUSE BILL 225
29	29	57
30	30	TH LEGISLATURE
31	31	-
32	32
33	33	STATE
34	34
35	35	OF
36	36
37	37	NEW
38	38
39	39	MEXICO
40	40
41	41	-
42	42	FIRST SESSION
43	43	,
44	44
45	45	2025
46	46	INTRODUCED BY
47	47	Alan T. Martinez
48	48	AN ACT
49	49	RELATING TO TAXATION; CREATING THE FOSTER PARENT INCOME TAX
50	50	CREDIT.
51	51	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
52	52	SECTION 1. A new section of the Income Tax Act is enacted
53	53	to read:
54	54	"[NEW MATERIAL] CREDIT--FOSTER PARENT INCOME TAX CREDIT.--
55	55	A. A taxpayer who is a resident, who is not a
56	56	dependent of another individual and who is a foster parent may
57	57	claim a credit against the taxpayer's tax liability imposed
58	58	pursuant to the Income Tax Act. The credit authorized pursuant
59	59	to this section may be referred to as the "foster parent income
60	60	tax credit".
61	61	B. The amount of the tax credit shall be in an
62	62	amount equal to one hundred dollars ($100) for each week and
63	63	.229212.2 underscored material = new
64	64	[bracketed material] = delete
65	65	1
66	66	2
67	67	3
68	68	4
69	69	5
70	70	6
71	71	7
72	72	8
73	73	9
74	74	10
75	75	11
76	76	12
77	77	13
78	78	14
79	79	15
80	80	16
81	81	17
82	82	18
83	83	19
84	84	20
85	85	21
86	86	22
87	87	23
88	88	24
89	89	25
90	90	for each child the taxpayer fosters in the taxable year in
91	91	which the tax credit is claimed.
92	92	C. A taxpayer shall apply for certification of
93	93	eligibility for the tax credit from the children, youth and
94	94	families department on forms and in the manner prescribed by
95	95	that department. Except as provided in Subsection E of this
96	96	section, only one tax credit shall be certified per taxpayer
97	97	per taxable year. If the children, youth and families
98	98	department determines that the taxpayer meets the requirements
99	99	of this section, that department shall issue a dated
100	100	certificate of eligibility to the taxpayer providing the amount
101	101	of tax credit for which the taxpayer is eligible and the
102	102	taxable years in which the credit may be claimed. The
103	103	children, youth and families department shall provide the
104	104	department with the certificates of eligibility issued pursuant
105	105	to this subsection in an electronic format at regularly agreed
106	106	upon intervals.
107	107	D. That portion of the tax credit that exceeds a
108	108	taxpayer's income tax liability in the taxable year in which
109	109	the credit is claimed shall be refunded to the taxpayer.
110	110	E. Married individuals filing separate returns for
111	111	a taxable year for which they could have filed a joint return
112	112	may each claim only one-half of the tax credit that would have
113	113	been claimed on a joint return.
114	114	F. A taxpayer allowed to claim a tax credit
115	115	.229212.2
116	116	- 2 - underscored material = new
117	117	[bracketed material] = delete
118	118	1
119	119	2
120	120	3
121	121	4
122	122	5
123	123	6
124	124	7
125	125	8
126	126	9
127	127	10
128	128	11
129	129	12
130	130	13
131	131	14
132	132	15
133	133	16
134	134	17
135	135	18
136	136	19
137	137	20
138	138	21
139	139	22
140	140	23
141	141	24
142	142	25
143	143	pursuant to this section shall claim the tax credit in a manner
144	144	required by the department. The credit shall be claimed within
145	145	three taxable years of the end of the year in which the
146	146	children, youth and families department certifies the credit.
147	147	G. The credit provided by this section shall be
148	148	included in the tax expenditure budget pursuant to Section
149	149	7-1-84 NMSA 1978, including the total annual aggregate cost of
150	150	the credit.
151	151	H. As used in this section, "foster parent" means a
152	152	person licensed or certified by the children, youth and
153	153	families department or a child placement agency to provide care
154	154	for children in the custody of the department or agency."
155	155	SECTION 2. APPLICABILITY.--The provisions of this act
156	156	apply to taxable years beginning on or after January 1, 2025.
157	157	- 3 -
158	158	.229212.2